Out of Debt? How to Repair Your Credit Score

Posted on: May 19th, 2010 by

Improving Your Credit - Financial Planning - Rockville, MDSo you’ve paid off all of your debts and climbed out of the financial hole, now what?  Rebuilding your credit is a great next goal for you.  Anyone who has the strength of character, patience, and commitment to climb out of debt should have no problem tackling a low credit score once you have guidelines.  I’m sure your road to being debt free was a long one, so don’t expect the rebuild to be quick either.

Free help is available to assist you in improving your credit.  MyFICO.com, operated by the credit score companies themselves will provide a lot of great information, as well as the opportunity to blog with others who are on the same path as you, just further along.  FICO monitors these blogs for offensive content, but does not interfere with any decent posting a person wants to make.  I don’t know of too many companies that allow unrestricted comments about their product on their website for public viewing and comment.  Another great resource is  Credit Repair Kit for Dummies, by Stephen Bucci.  You can probably find a copy a your local library.  This book will help you put your credit score in context and give you the inside scoop on how they work and what you can do to help yourself.

Repairing your credit is a great way to begin planning for your future.  When you decide it’s time to purchase a home or apply for a loan, be sure you check your credit reports first.  You don’t want to have inaccurate negative information on your reports sabotaging your hard work improving your credit.  And in the future, remember how hard it was to get out of debt and make a financial plan for yourself to stay that way.



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